Autochartist Forecast
EUR/JPY Trend Follow Off Psychological Support
As the EUR/JPY trends higher (C) on the 60 minute chart, the Initial Trend Reading (T) is on the low side. This could be an indication of a correction pending, as well as the possibility of a slowing trend. The key for this to happen is the uptrend support line (S) of the Continuation Rising Wedge chart pattern between 137.20 and 137.00. This will also be the decision level for a potential reversal. Should the trend line break to the downside wait for the 137.00 level to be broken too.
If prices head higher within the formation, the uptrend resistance line (R) at the 137.80 level will be an important upside hurdle for a follow through towards the 138.00 level.
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